Last checked at 16 Nov 2015 07:00
Transense Technologies plc
("Transense" or the "Company")
AGM Statement
At the Company's Annual General Meeting ("AGM") being held at 2p.m. today at finnCap's offices, 60 New Broad Street, London, EC2M 1JJ, the Chairman, David Ford, will make the following statement:
"As discussed in the Company's preliminary results in September, the financial year ending June 2015 had been a challenging one for the Company, in particular due to the sharp downturn in demand for commodities and consequent contraction in capital expenditure in the mining sector.
These restrictions have continued into the new financial year, however with our repositioning of the sales proposition of iTrack, we continue to see improvements to our sales pipeline which should enable the Translogik business to gain commercial traction.
The sale of IntelliSAW, as announced on 21 October 2015 to Emerson was a key milestone for the Company. The deal saw Transense receive a one-off license fee as part of the transaction to secure exclusive use of Transense Technologies' IP relating to the IntelliSAW business.
The strong cash position achieved by the Company, as a result of the £2.5 million placing in July and the £2.9 million we have received from the sale of IntelliSAW, will see us invest in the commercial development of the remaining divisions of the Group - Translogik and SAWSense. Specifically, we will be growing the sales and marketing teams of Translogik to drive revenue.
While we invest in the sales and marketing teams, we also continue to invest in R&D across the business.
After a challenging period for the Company we are pleased with the progress made in recent months. We are well capitalised to take full advantage of the opportunities we are seeing in all areas of the business."
After the formal business of the AGM a short presentation will be given to attendees and this will be available on the Company's website, http://www.transense.co.uk, from 2pm today.
For further information, please contact:
Transense Technologies plc Graham Storey, Chief Executive
| Tel: +44 1869 238 380 |
finnCap Ed Frisby, Giles Rolls (Corporate Finance) Tony Quirke, Alice Lane (Corporate Broking)
| Tel: +44 20 7220 0500 |
IFC Advisory Tim Metcalfe, Graham Herring, Heather Armstrong | Tel: +44 20 3053 8671 |
About Transense Technologies
Based in Oxfordshire, UK, Transense has developed patent-protected sensor systems and supporting technology for use in a variety of diverse high growth markets. Transense's Surface Acoustic Wave (SAW) wireless, battery-less, sensor systems offer significant advantages over legacy wireless sensor systems. Transense is targeting the global transport and mining industries, and the global torque, temperature and pressure sensing markets, via its two trading divisions,Translogik and SAWSense.
Transense's shares are admitted to trading on AIM, a market operated by the London Stock Exchange (AIM: "TRT").